Wells Fargo and Bank of America announced the shutdown of their joint venture launched three years ago to process automated clearing house transactions between the two banks. The two companies stated that they abandon the operation, which they called Pariter.

“It will shut down over the next few weeks,” a Wells spokesperson tells Digital Transactions News. “It will take a few weeks to figure out what the specific impacts are.”

“It was a mutual decision, amicable,” says the Wells spokesperson.

As explained in the official statement the factors which influenced the decision were the worldwide financial crisis and large acquisitions made by both banks that stemmed from that crisis.

It should be noted that three years ago Pariter was introduced with some speculation in the payments industry that the venture could process for more banks and grow to become a third network operator, or switch, for the ACH.